Meta Development has secured a $28 million construction loan to build Opus, a planned 12-unit boutique condominium in Coconut Grove. The financing was provided by Los Angeles-based Arixa Capital to Meta, which is a joint venture between Miami’s Lucid Investment Group and Brazil’s Iron Capital. Meta is led by CEO Andrew Rasken.
Demolition of the former rental townhome complex at 3127 Southwest 27th Avenue is expected to begin soon, with completion of Opus projected for 2027. According to property records, a Meta affiliate acquired the site for $6.7 million in 2023.
Opus will be designed by Brazilian architect João Armentano from Miami-based Kobi Karp Architecture & Interior Design. The project is reportedly 50 percent presold. The six-story building will offer three- and four-bedroom units ranging from 1,900 square feet to 2,600 square feet, including two penthouses. Prices start at $2.8 million.
Amenities planned for Opus include a pool, fitness center, private business suites, children’s center, and an autonomous parking system equipped with charging bays for electric vehicles.
Coconut Grove has recently attracted interest from developers targeting older condo buildings for redevelopment opportunities. In June, Mast Capital and BH Group acquired more than 75 percent of units in Bayshore Park—a 39-unit condominium located at 2545 South Bayshore Drive—for at least $20 million. They plan to terminate the existing condo association and redevelop the site into a new luxury condo building adjacent to Monty’s Coconut Grove restaurant and the marina.
In May, Canero Group purchased all units at Chateau Grove (25 units) on Virginia Street for $17.3 million and intends to rent out the units initially while considering future redevelopment options with partners Maria Bustamante and Juan Puig.
“Meta Development scored a $28M construction loan to build Opus, a planned 12-unit boutique condominium in Coconut Grove.”
“Los Angeles-based Arixa Capital provided the financing to Miami-based Meta, a joint venture between Lucid Investment Group, also based in Miami, and Brazil’s Iron Capital,” according to the press release.
“Meta is led by CEO Andrew Rasken.”
“The firm plans to soon begin demolition of a former rental townhome complex at 3127 Southwest 27th Avenue, and expects to complete Opus in 2027,” according to the release.
“A Meta affiliate bought the property for $6.7 million in 2023,” records show.
“Designed by Brazilian architect João Armentano of Miami-based Kobi Karp Architecture & Interior Design, Opus is 50 percent presold,” as stated in the release.
“The six-story project will feature three- and four-bedroom units ranging from 1,900 square feet to 2,600 square feet.”
“Two of the units are penthouses.”
“Prices start at $2.8 million,” according to the release.
“In addition to traditional amenities such as a pool and fitness center, Opus will have private business suites, a children’s center and an autonomous parking system with charging bays for electric cars.”
“Coconut Grove is seeing an uptick in buyer interest for older condo buildings for possible redevelopment.”
“In June, Miami-based Mast Capital and Aventura-based BH Group bought out more than 75 percent of units in Bayshore Park, a 39-unit condominium at 2545 South Bayshore Drive.”
“The joint venture paid at least $20 million for the units and plans to terminate the condo association and redevelop the site into a new luxury condo building.”
“Mast and BH have not disclosed more details but the site is in a prime spot adjacent to the waterfront Monty’s Coconut Grove restaurant and marina.”
“In May Coral Gables-based Canero Group dropped $17.3 million purchase all units at Chateau Grove—a 25-unit condominium—at 3265 Virginia Street.”
“The firm plans rent out the units generate immediate cash flow but Canero considering possibly redeveloping site partners Maria Bustamante Juan Puig.”
